Mike Corbat to lead Citi’s Global Wealth Management unit

Citi has announced the appointment of Mike Corbat as Chief Executive Officer of its Global Wealth Management unit (GWM). Sallie Krawcheck has decided to leave Citi to pursue other opportunities and will remain as Chairman of GWM until the end of the year to ensure an orderly transition. Mr. Corbat will report to John Havens, Chief Executive Officer of ICG.

Global Wealth Management
Mr. Corbat is a 25-year veteran of Citi’s institutional business. He has held a variety of senior domestic and international roles at Citi, covering a broad range of products and business lines. Most recently he was Global Head of the Corporate and Commercial Bank. In his new role, Mr. Corbat will lead Citi’s strategy for ultra-high-net-worth, high-net-worth, and emerging affluent clients.

“Mike is among Citi’s strongest senior managers, leading the firm’s efforts to provide best-in-class financial services to top-tier multi-national corporations and financial institutions,” said Vikram Pandit, Chief Executive Officer of Citi. “I am confident that we will enhance Citi’s already industry-leading position in this very attractive business.”

Mr. Pandit said: “Sallie Krawcheck has been an invaluable asset to the firm and a true thought leader within the industry. She has an impeccable reputation and has represented Citi well with our top clients and key constituencies around the world. We thank Sallie for her years of dedication and contribution and are pleased that she will help ensure a smooth transition over the next three months.”

About Mr. Corbat

Michael L. Corbat was previously a Managing Director and Global Head of Citi’s Corporate and Commercial Bank, leading the firm’s efforts to provide best-in-class financial banking services to top-tier multi-national corporations and financial institutions around the world. He is also a member of Citi’s Senior Leadership Committee and chairs Citi’s Senior Recruiting Committee, which guides the overall direction of the company’s recruiting efforts. Previously, Mr. Corbat was Head of Global Emerging Markets in Markets and Banking, responsible for the origination, trading, and sales of emerging markets fixed income debt. He joined Citi in 1983 in the Fixed Income Sales Department of Salomon Brothers. He currently serves on the Board of Trustees of the Salisbury School and is a member of the Board of Directors of the British American Business, Inc. and the Swedish American Chamber of Commerce. Mr. Corbat earned a B.A. in Economics from Harvard University in 1983.